In Case You Missed Tuesday

by Michael Goodman | March 23, 2011 4:44 am

Back a step:

Stocks gave back just a little on Tuesday following a three-session rip of more than 3%. With the worst-case-scenario in Japan not happening (and hopefully never doing so), investors have been turning back the clock to the halcyon days of two weeks ago, when higher energy prices meant lower stock prices and vice-versa. Oil climbed back above $105 a barrel for the first time since the Japanese quake/tsunami/nuclear plant damage gave rise to expectations of lower demand. Energy stocks did well, and stocks of companies looking to take a direct hit from higher fuel costs (recreational services, hotels, autos, airlines) did not. Bonds essentially held serve, as traders seemed uncertain about the next move.

After the closing bell, shares of Adobe Systems (NASDAQ:ADBE[1]) were off slightly in after-hours trading after the software maker said second-quarter profit and revenue would come in below the current Wall Street consensus. Jabil Circuit (NYSE:JBL[2]) gained more than 8% after the company beat second-quarter profit estimates and forecast third-quarter revenue and earnings above analysts’ expectations. Xoma (NASDAQ:XOMA[3]) plunged by more than one-third after the company said that a Phase 2b trial of its Type 2 diabtes drug didn’t reach its primary endpoint.

On Wednesday, earnings in the a.m. from General Mills (NYSE:GIS[4]) — let’s hear what they have to say about input costs. Economic data offers up February new home sales, and Caterpillar (NYSE:CAT[5]) holds its annual analyst meeting.